What are Energy futures?
Energy futures are standardized contracts for the purchase and sale of energy commodities for future delivery at predetermined prices.
These markets provide essential price discovery and risk management tools for one of the world's most vital and volatile commodity sectors. Energy futures serve producers, refiners, distributors, consumers, and investors in managing the inherent risks of energy price fluctuations.
Major Energy Products
Crude Oil Futures
West Texas Intermediate (WTI) Crude Oil (CL)
- Contract size: 1,000 barrels
- Tick value: $10.00 (minimum tick size: one cent)
- Trading hours: Sunday through Friday, 5 p.m. to 4 p.m. Central Time
- Delivery location: Cushing, Oklahoma
- Characteristics: Light, sweet crude oil with low density and low sulfur content
- Usage: Primary conversion to gasoline and diesel fuel
Also available as a mini (QM) and micro (MCL) contract.
Natural Gas Futures
Henry Hub Natural Gas (NG)
- Contract size: 10,000 million British thermal units (MMBtu)
- Delivery location: Henry Hub, Louisiana
- Primary benchmark for North American natural gas pricing
- Seasonal demand patterns drive significant price volatility
Also available as a mini (QG) and micro (MNG) contract.
Refined Products
RBOB Gasoline (RB)
- Contract size: 42,000 gallons
- Reformulated Blendstock for Oxygen Blending
- Key refined product for consumer demand
- Seasonal driving patterns influence pricing
Heating Oil (HO)
- Contract size: 42,000 gallons
- Ultra Low Sulfur Diesel
- Commercial and residential heating applications
- Weather-dependent demand creates seasonal patterns